TEHRAN – Iran recorded the highest increase in crude oil production among all countries in 2024, boosting its daily output by 374,000 barrels, while top producers like Saudi Arabia and Russia saw significant declines, according to the latest OPEC statistics.

Data published in the 60th edition of the OPEC Annual Statistical Bulletin shows Iran's crude output surged 13 percent from 2.884 million barrels per day in 2023 to 3.257 million barrels per day in 2024, marking the largest production gain globally.

The United States ranked second, increasing its daily crude output by 274,000 barrels — a two percent rise. Nigeria, Venezuela, and Argentina followed with respective increases of 158,000, 138,000, and 65,000 barrels per day.

In contrast, Saudi Arabia experienced a sharp production drop for the second consecutive year, cutting output by 651,000 barrels per day — a seven percent decline. Russia also reported a decrease of 404,000 barrels, while Iraq’s output fell by 256,000 barrels per day.

OPEC data reveals that global oil production dropped by 767,000 barrels per day in 2024 compared with the previous year. Of that total, 572,000 barrels per day of the reduction came from OPEC member states.

The rise in Iran’s oil production aligns with its continued efforts to expand exports, despite U.S. sanctions that restrict direct access to global markets. According to recent government data, Iran’s crude oil and condensate exports have reached their highest levels in over five years, with China remaining the main destination. Analysts estimate that Iran has been shipping more than 1.5 million barrels per day in recent months, aided by discreet logistics networks and reflagged tankers.

Energy officials say the increased output and export volumes reflect improved infrastructure, enhanced refining capabilities, and the use of non-dollar financial channels to facilitate transactions. These developments have bolstered Iran’s foreign exchange revenues, offering a crucial buffer to its sanctions-hit economy.

The production surge also signals Iran’s intention to reclaim market share within OPEC and strengthen its regional influence. While negotiations over the country’s nuclear program remain stalled, Tehran has increasingly relied on oil diplomacy to deepen ties with Asian buyers and maintain economic resilience.

EF/MA